The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) (Amendment) Order 2008

• Citation: S.I. 2008/1725
• Sections: 2

Section 1 Citation and commencement

This Order may be cited as the Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) (Amendment) Order 2008 and comes into force on 23rd July 2008.

Section 2 Amendment of the Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) Order 2001

(1) The Financial Services and Markets Act 2000 (Control of Transfers of Business Done at Lloyd’s) Order 2001 is amended as follows.

(2) In article 2, omit the definition of “former underwriting member”.

(3) In article 3—

(a) for “107 to 114” substitute “107 to 114A”;

(b) for “members of the Society or former underwriting members” substitute—

underwriting members of the Society or by one or more persons who have ceased to be such a member (whether before, on or after 24th December 1996)

(4) In article 4—

(a) for paragraph (b) substitute—

(b) that the Council of Lloyd’s has—

(i) by resolution authorised one person to act, or

(ii) certified that one person has authority to act,

in connection with the transfer for the members concerned, as transferor;

(b) for paragraph (c) substitute—

(c) that a copy of the resolution or the certificate has been give to the Authority.

(5) In article 5(1)(b)—

(a) after “the person authorised” insert “, or the person certified to have authority,”;

(b) for “paragraph (a)” substitute “paragraph (b)”.

(6) After article 5(2) add—

(3) A transfer scheme carried out by virtue of this Order may transfer to an establishment of the transferee business written on different syndicates and in different years of account of syndicates.